Posted on Jul 23, 2010 by Sergio Ulloa
Baloise Insurance Group of Switzerland has recently announced their acquisition of Belgian insurance company "Avéro Schadeverzekering Benelux N.V." (Avero) in a deal valued at US$97 million (EUR 75 million). Avero is a subsidiary of the Dutch Eureko Group.
With this acquisition Baloise strengthens its market position, becoming the sixth-largest non-life insurance business in Belgium. With a share of around 5 percent Baloise is gaining a foothold in the French-speaking region of Belgium. The expected completion date for this acquisition is towards the end of 2010, once the corresponding approval by the regulatory authorities is obtained.
Baloise intends to gradually remove from the Belgian market the brand name Avero. Currently, Avero trades in the non-life insurance segment, with focus on the property and transport insurance markets. Using exclusively a network of brokers, Avero sells its products to over 100,000 private and corporate customers. It is estimated to hold a 13 percent market share in the transport sector.
With a 177-strong staff, Avero recorded a US$160 million (EUR 124 million) premium volume in 2009.
For Baloise, this acquisition represents another step towards the expansion of their international business.
Insurance Companies mentioned:
Headquartered in Basel, Switerland, the Baloise Group is a European provider of insurance and pension solutions. In Switzerland Baloise operates as a focused financial services provider, combing insurance and banking. Further markets are Germany, Austria, Belgium, Luxembourg, Croatia and Serbia. The sales network comprises the company's own sales organisation, brokers and further partners. Baloise operates its business in innovative pension products for private customers all over Europe and has competence centres in Luxembourg and Liechtenstein. The Baloise Group employs approximately 9,400 people.
Avéro Insurance is a member of the Eureko group, a major financial services provider, fully expanding in quantity in European markets. Avéro is active in the nonlife sector and focuses primarily on the property and transport insurance areas. It holds a market share of 13% in the transport sector. It sells its products to more than 100,000 private and corporate customers exclusively via a network of brokers. Avéro has 177 employees.